Bitcoin (BTC) Ready To Break Past $65,000, On-Chain Data Shows

The momentum picked up notably on Friday after Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, announced a shift in policy

After experiencing a significant drop in price that brought it down to the lower prices of 2024 in the past few weeks, Bitcoin and the broader crypto market experienced a strong surge in momentum on Friday.

This momentum picked up following an announcement by Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, indicating a potential shift in policy.

The announcement hinted at the possibility of an interest rate cut in September, boosting optimism among investors and leading to increased market activity.

Crucial data from Glassnode also reveals that long-term holders (LTH) are locking in consistent gains, selling Bitcoin at a rate that generates an average profit of $138 million per day.

This selling pressure serves as a crucial benchmark for the market, indicating the amount of new capital that must flow into Bitcoin daily to counterbalance the selling and stabilize the price.

If daily inflows into Bitcoin fall short of this $138 million benchmark, the price could potentially face downward pressure due to LTH’s ongoing sales.

This dynamic highlights the delicate balance between buyer demand and LTH's profit-taking activities.

As the market continues to navigate this phase, Bitcoin’s price action will be particularly interesting to watch in the coming weeks.

Whether new investor inflows can match or exceed this selling pressure will be key to determining BTC’s next major move.

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